By Malek Hashim

The halal market expansion is not only about promoting Syariah-compliant financing schemes, but also to ensure the
‘halalness’ of a particular commodity and other aspects of business.

This statement was one of the insights highlighted at the 3rd International Halal Market Conference, which saw various
presentations of halal topics by prominent speakers.

Hajj Abdalhamid Evans, a Senior Analyst at the Imarat Consultants, highlighted the traditional perspectives of seeing
halal products simply in terms of food provisions to the Muslims, has long expired.

In his presentation, entitled ‘The Evolution of the Halal Market Economy’, the potential of Halal Market is to be the
most influential new market force in the coming decade.

“This may not only be manifested in the increasing number of the Islamic world population, which is approaching to
two billion Muslims, but also believed to be the fastest growing segment of the global consumer market.

“The dynamism and parametres underlying this market must be taken into consideration as well.

“The global Halal market – ranging to about US$500 billion – may emerge as early as 1950s when the Muslim
immigrants established Halal meat outlets worldwide, and has since evolved.

“The various stakeholders’ level of awareness in the Halal market further assist in developing the market by creating
more sub-sectors.